Blog

Important Tax Information For R&G Brenner Clients

By | Tax & Financial News, Tax Tips | No Comments

Dear R&G Brenner Client,

I hope you and your family had a pleasant 2016 and we are looking forward to seeing you again soon. Like last year, we are letting our clients know about what surprises this tax year has in store for us. With the election over and a new incoming administration there is a lot of uncertainty swirling about. Here are some of the important tax changes & information we are aware of that may affect you:

EITC & Child Tax Credits Are Delayed

Yes, unfortunately you read this correctly. The IRS is not processing any refunds with the following tax forms until February 15th, 2017: The Earned Income Tax Credit, Additional Child Tax Credit & The American Opportunity Credit. If you normally file on or around 2/15, this should have little effect on you. However, if you file earlier, I urge you to plan accordingly for this delay & save additional funds if you depend on your tax refund for expenses. We are also expanding our Refund Advance Options to help R&G Brenner clients who may be affected by this (below).

Expanded Refund Advance Options

Because of the potential for refund delays, we are expanding our Refund Advance options this year. File before 2/15/17 & take advantage of R&G Brenner’s Early Bird Special and you can walk out with $100 CASH or $200 CASH if you qualified last year!Furthermore, you can apply for an additional $800-$1,250 Refund Advance through our bank provider. These are advances, not loans – No interest or additional bank fees apply! We hope these advances help, but please be aware that these are limited time offers.

Insurance Premiums Are Increasing Big Time

If you or members of your family did not have health insurance for 2016 be prepared to get hit with the largest penalty yet: $695 per Adult, $347 per Child or 2.5% of your income (whichever is greater). The maximum penalty per family is $2,085. Ouch, this is more than double the penalty for 2015. Even if you have health insurance already, it is worth checking what’s on the exchanges before you renew as premiums are expected to jump over 25% on average in 2017. And with the Affordable Care Act on the chopping block, expect even more confusion. If you’d like any assistance with health insurance, click here to speak with an RGB Health Rep.

$50 CASH per Referral is Back!

Last year we paid out almost $500,000 in CASH to clients just like you, and we are doing it again this year. For every new client you refer, you will get $50 CASH! Unfortunately, many clients did not know about this great promotion, so we are making it even easier: You can now conveniently refer your friends and family online; click here to start referring and earning cash. Remember: There is no limit to how many clients you can refer and as soon as your referral commits to filing with R&G Brenner, you will be notified via email to come pick up your cash. Taxes may never be fun, but they are rewarding with R&G Brenner.

If you’d like to discuss any tax related matter please contact us when you are ready.  You can also schedule an appointment on the right side of this page.  I wish you and your family a very happy new year and we hope to see you and your family in 2017.

Very Truly Yours,

Benjamin K. Brenner
President

Is My Refund Delayed? What Can I Do?

By | Tax & Financial News | No Comments
If you rely on your refund, plan for delays

If you rely on your refund, plan for delays

“Will my refund be delayed this year” is becoming an all too common refrain these days. Delayed e-filing dates, IRS not accepting tax forms & documents not being mailed out on time have all occurred over the last few years and have caused refund delays. However for the 2017 tax filing season (2016 tax year), it looks like we will get hit with all three of these scenarios at once:

Electronic Filing Date Delayed

This tax year, E-filing will begin January 23rd, 2017.  Electronic filing has historically began around January 15th.  However, over the past few years, these dates have been pushed back from a couple of days to a couple of weeks, so this is becoming common practice by the IRS.  Returns may be filed before this date, however the IRS will not process them until 1/23/17.

IRS Delaying Processing of Popular Tax Credits

The IRS has announced that the following tax credit forms will not be accepted for processing until February 15th, 2017:

  • Earned Income Tax Credit (EITC)
  • Additional Child Tax Credit (ACTC)
  • The American Opportunity Credit (AOTC).

This is a nationwide law change required by Congress in the Protecting Americans from Tax Hikes (PATH) Act; this is not a company or state change. If you normally file your taxes around this time (2/15/17), this delay should have a minimal impact on you.  However, if you tend to file early and/or have plans for your tax refund in advance, R&G Brenner suggests that you prepare yourself accordingly.  If you are unable to save funds, don’t worry, you can apply for R&G Brenner’s refund advances & referral rewards for CASH! (below).

R&G Brenner Refund Advances

If you rely on your refund, and these delays will seriously affect you, don’t worry; R&G Brenner has multiple refund advances for qualified R&G Brenner clients:

R&G Brenner Referral Rewards

Taxes may never be fun, but they are rewarding with R&G Brenner on your team.  Last year we paid out over $100,000 in CASH for client referrals.  Get $50 CASH for every new client you refer to R&G Brenner; NO LIMIT!  Click here to start earning today!

While we can’t control IRS delays, we can offer our clients a little relief from these delays.  Become an R&G Brenner client and receive the benefits.  Schedule an appointment today for a FREE estimate or call us toll free at (888) APRIL-15.

 

Employers Must Provide W2s & 1099s By January 31st

By | Tax & Financial News | No Comments

The IRS has a new due date requirement of 1/31/17 for employers to provide W2s & 1099s to employees & contractors.  Traditionally, 1099s were allotted more time to be delivered.  Not so for 2017 (tax year 2016).  Here are some more popular forms that must be released by 1/31:

By January 31 (Note new due dates for Tax Year 2016 Form W-2, Wage and Tax Statement, and Form 1099, Miscellaneous Income with Box 7 entries)

This is welcome news as the start of tax season has been delayed until 1/23 and popular tax credits cannot be filed until 2/15.

Professional Tax Preparers Wanted

By | Announcements | No Comments

R&G Brenner is seeking experienced professional tax preparers for the 2017 tax season. Full & part time positions available in New York City, Brooklyn, Queens, Bronx & Long Island.

Competitive commission & bonus structures available.

All applicants must have:

  • Current IRS PTIN number
  • Current NY State Registration number
  • Required NY State Annual Continuing Educations (CE) Credits Hours

If you have any questions or would like to apply for a position, please contact/send your resume to info@rgbrenner.com or call us toll free at (888) APRIL-15.  Hurry, limited number of positions available.

Since 1941, R&G Brenner has been a family business serving the NY metro area.  We currently operate 30 privately owned retail tax office locations. We are not a franchise.

Will My Refund Be Delayed This Year?

By | Tax & Financial News, Tax Tips | One Comment
If your rely on your refund, plan for delays

If your rely on your refund, plan for delays

“Will my refund be delayed this year” is becoming an all too common refrain these days. Delayed e-filing dates, IRS not accepting tax forms & documents not being mailed out on time have all occurred over the last few years and have caused refund delays. However for the 2017 tax filing season (2016 tax year), it looks like we will get hit with all three of these scenarios at once:

Electronic Filing Start Date

Electronic filing has historically began around January 15th.  However, over the past few years, these dates have been pushed back from a couple of days to a couple of weeks.  This year is notable because as of time of this writing, the IRS has not even formally announced a beginning date to electronic filing!  A commencement date is usually announced weeks if not months earlier.  Therefore, it is a good bet to expect electronic filing to begin after 1/15 this year.  We will post the official start date once the IRS releases it.

IRS Delaying Processing of Popular Tax Credits

The IRS has announced that the following tax credit forms will not be accepted for processing until February 15th, 2017:

  • Earned Income Tax Credit (EITC)
  • Child Tax Credit (CTC)
  • Additional Child Tax Credit (ACTC)
  • The American Opportunity Credit (AOTC).

This is a nationwide law change required by Congress in the Protecting Americans from Tax Hikes (PATH) Act; this is not a company or state change. If you normally file your taxes around this time (2/15/17), this delay should have a minimal impact on you.  However, if you tend to file early and/or have plans for your tax refund in advance, R&G Brenner suggests that you prepare yourself accordingly. For example: if you rely on your refund for critical services (rent, utilities, etc), we suggest that you save some funds to carry you through any potential delays.

IRS Delays Form 1095 Distribution Deadline

The original deadline for distributing Form 1095-B and Form 1095-C to individuals was January 31, 2017. The new deadline is March 2, 2017. The extension provides Applicable Large Employers (ALEs), self-insured group health plans, and health insurance carriers more time to populate and distribute the forms.  Since a final tax return cannot be filed without these health care related reporting, this too may delay the filing of your return and receipt of your refund.

These delays will affect taxpayers who claim popular credits & professional tax preparers the most as it may create a backlog and crush of appointments later on in the year.  R&G Brenner suggests that you bring with you all supporting documentation for the above tax credits which will allow for the accurate preparation of your return and help minimize any potential delays.

If you have any additional questions about this or anything else, please feel free to contact an R&G Brenner professional via the web, or by calling us toll free: (888) APRIL-15.

How To Protect My Financial Information

By | Tax & Financial News, Tax Tips | No Comments
10 Tips To Protect Your Taxpayer & Financial Info

10 Tips To Protect Your Taxpayer & Financial Info

October is Cyber Security Awareness month, and the New York State Department of Taxation & Finance has released a list of 10 tips that all taxpayers should know in order to protect their financial information and keep it from falling into the wrong hands:

1. Be wary of aggressive phone scams – Be sure to only give personal information—including social security numbers—to someone you trust. Remember, the NYS Tax Department and the IRS will contact you by mail first and will never threaten you over the phone or demand payment be made through MoneyGram, Western Union, or other wire transfer services; or using iTunes, Greendot, or other cash or gift cards.

2. Avoid phishing scams – Taxpayers may receive emails with authentic-looking government logos that offer assistance in settling fake tax issues. The NYS Tax Department and IRS will never request personal or financial information by email.

3. Protect your computer – Ensure that your computer is secure when accessing your financial accounts online by looking for “https,” with an “s” after the “http,” in the website address.

4. Use strong passwords – Use a combination of upper- and lower-case letters as well as numbers and symbols when creating a new password. Don’t use your name, birthdate, or common words. Use a different password for each of your accounts.

5. Use secure wireless networks – Always encrypt your wireless network with a strong password. Never access your personal accounts on a public Wi-Fi network.

6. Review bank accounts and statements – Check your credit card and banking statements regularly to spot any suspicious activity.

7. Review credit reports annually – Review each of your credit reports annually to spot any new lines of credit that you didn’t apply for or authorize. This can be a sign that a thief has stolen your identity and opened up a credit card, for example, in your name.

8. Think before you post – The more information and photos you share via social media, including current and past addresses, or names of relatives, can provide scammers possible answers to your security questions or otherwise help them access your accounts.

9. Secure tax documents – Store hard copies of your federal and NYS tax returns in a safe place. Digital copies should also be saved. Shred documents that contain personal information before throwing them away.

10. Review and respond to all NYS Tax Department communications– You should review and respond to all notices sent from the Tax Department. Any unexpected correspondence from the Tax Department can be a potential sign that your identity has been stolen. It’s important that you contact the Tax Department immediately to confirm any liabilities.

If you believe that you’ve been contacted by a cyber criminal attempting a scam, have been the victim of fraud or identity theft, or suspect a tax preparer is engaging in illegal activities, visit the Tax Department’s Report fraud, scams, and identity theft webpage to learn how to report it. The Tax Department takes this type of illegal activity seriously, promptly reviews each compliant, and takes corrective action when appropriate.

If you believe you are victim of identity theft and or your financial information has been compromised, please contact an R&G Brenner professional after your report your situation to the authorities.  We may be able to help you to minimize any potential damage.  Remember, NEVER send W2s, 1099s, tax returns or other private information via email; always use a secure file transfer when sending sensitive documents over the internet.  All R&G Brenner professionals offer free secure file transfer solutions to our clients.

Indian Police Arrest 70 In IRS Calling Scam

By | Tax & Financial News, Tax Tips | 4 Comments
Indian Police Take Down IRS Scam Call Center

Indian Police Take Down IRS Scam Call Center

Police in India have arrested at least 70 people involved with impersonating IRS agents at a fake call center in an attempt to defraud U.S. Taxpayers.  Hundreds more are being held for questioning.

The popularity of this scam has grown exponentially as nearly every taxpayer has experienced a call like this first hand, or know a friend or acquaintance that has received calls like this. Over the last 3 years alone, the IRS has received nearly 1 Million complaints of similar low-tech scams which cost taxpayers over $26 Million.  It has been previously reported that these calls have originating from countries like India, Pakistan & Russia:

According to police in Mumbai, the yearlong scam involved running fake call centers which sent voice mail messages telling U.S. nationals to call back because they owed back taxes.

Those who called back and believed the threats would fork out thousands of dollars to “settle” their case, Mumbai police officer Parag Marere said Thursday.

The scam brought in more than $150,000 a day, Marere said without giving a total sum. If the scam netted that amount daily, it would have made almost $55 million in one year.

Some victims were also told to buy gift vouchers from various companies, and hand over the voucher ID numbers which the impostors then used to make purchases, Marere said.

Police said they are likely to file charges against many of the 600 or more people still being questioned on suspicion of running the fake call centers, housed on several stories of a Mumbai office building…

Indian media reports said 70 percent of the scam’s proceeds were retained by the suspects in India, while the rest was paid to collaborators in the U.S.

Indian news broadcaster NDTV reported that one U.S.-based company allegedly collected the victims’ personal information and passed it to the fake call centers.

Here are some tips to avoid being the victim of a phone scam:

  • The IRS rarely if ever initiates calls to taxpayers.  If you owe tax money they will formally notify taxpayers with a mailed letter to the address listed on the tax return
  • The IRS cannot demand payment on the spot; the IRS also offers payment plans
  • The IRS does not request a specific type of payments like gift cards or prepaid debit cards
  • The IRS will never ask for credit card information over the phone

This particular call center was working with U.S. based criminals who provided the taxpayer contact information to this call center.  Protecting your private personal information is the first step in avoiding these types of scams.  NEVER provide personal information over the phone. NEVER e-mail information that contains social security numbers, bank account number, credit card numbers, user names or passwords.  R&G Brenner offers secure file transfer services free-of-charge to all of it’s clients who want a digital solution for sending tax related documents.  All tax professionals who are serious about protecting their clients private tax information—whether independent, franchise or CPA— should offer a similar service.  If you’d like more information about how R&G Brenner protects client data, feel free to contact us at (888) APRIL-15 or by clicking here.

Lastly, if you feel that you are becoming a target for a scam like this, you can report it to the IRS by calling: (800) 366-4484.

Source: ABC27.com

R&G Brenner Extended Off-Season Hours

By | Announcements | No Comments
R&G Brenner Off-Season Hours Extended

R&G Brenner Off-Season Hours Extended

In order to better accommodate our clients, R&G Brenner is adjusting business hours for offices open during the off-season.  During this time (after April 19th), R&G Brenner offices will be open at least from 10am-6pm with some offices staying open even later. We hope this will be a convenience for clients who work normal business hours. Furthermore, R&G Brenner is keeping more branch offices open with regular business hours than ever before.  The following locations will be open throughout the “off-season” (click on the office for corresponding off-season schedule):

At R&G Brenner we continually strive to accommodate our clients.  We hope this small but significant change will be a convenience to all.

2015 Taxes Due Today! Last Minute Filers Guide

By | Tax Tips | No Comments
Tick-Tock, The Deadline Approaches

Tick-Tock, The Deadline Approaches

Tax day is here! And all taxpayers who waited to the last minute are having some form of panic attacks.  But don’t worry!  You are not going to jail if you don’t file your taxes on time, so take a deep breath, and here is your definitive guide to last minute tax filing:

The Deadline Is April 18th:  Due to special holidays, 2015 taxes are due April 18th this year.  So if you’ve already  resigned into thinking you missed the deadline you’re in luck!  Get your stuff together and head to an R&G Brenner location near you before it’s too late!

Not Ready?  File An Extension: If you are still scrambling to amass your documentation, expenses & deductions, don’t sweat and file an extension.  An extension will allow you more time to get your stuff together (or more time to procrastinate).  Either way, you’ll save money in unnecessary penalties and late filing fees.  However, be aware that filing for an extension to file your tax return is not an extension to pay your taxes due; you must send a rough estimate of what you think you will owe to the taxing authorities.  If you are unsure, overestimate; you will get an overpayment refund when you file your final tax return.  If you underestimate, you will be subject to interest charges on the amount you underpaid.  Even if you can’t pay your full amount of taxes due, send something even if it’s just $20.  This will prevent penalties and the taxing authorities will offer to put you on a payment plan.

Deadline & Extensions Are Only For Taxpayers who OWE:  This is the most common mistake that taxpayers make.  If you are due a refund, you have 3 years to file your tax return to claim that refund.   No extensions are necessary.  The deadline & extensions are only if you owe taxes and cannot file your final tax return by the deadline.  So if you are getting a refund, next year don’t scramble to file by the deadline.  You can simply wait one day after the deadline and you should be able to get an appointment of your choice and be able to sit with a tax professional pressure-free.  Just remember: If you do not file for a refund before the statute of limitations runs out (3 years), you refund(s) become the property of the US Government and/0r Taxing State.  That’s your money!  Don’t give it away.

Plan For Next Year: It’s hard to change one’s habits.  But technology is making it easier.  Almost everyone has a smart phone.  If you are in a cab, or taking a client to dinner, it is very easy to simply snap a photo of the receipts with your phone.  Same thing for when you get your income statements of K1’s. Keep all those photos in a folder and when it comes time doing your taxes—either by yourself or with a tax professional—you will have all the heavy lifting done already.  This will save you time and stress.

While most R&G Brenner professionals are fully booked in this late hour, many offices are keeping extended hours in anticipation of a rush of last minute filers.  If you can’t get an appointment with an R&G Brenner Tax Professional, just walk in and if you can’t meet with a tax pro on your schedule, just drop off your papers and we file them as soon as possible.  If you have any questions, please feel free to contact us toll free at (888) APRIL-15.  Happy Tax day and rememeber: “Saving you time and money is what we are all about”.

Benjamin K. Brenner
President

March 15th Corporate Tax Filing Deadline Approaching

By | Tax & Financial News | No Comments
March 15th Corporate Deadline Approaches

March 16th Corporate Deadline

The Deadline to file corporate tax returns (forms 1120, 1120A, and 1120S) is Tuesday March 15th, 2016. Most corporate returns are required to be filed electronically therefore they must be sent to the IRS before midnight on the 15th.  If for some reason you are filing a paper corporate tax return, the post mark on the envelope must show 11:59pm or earlier in order to avoid late filing penalties.

If you require more time to file your corporate return, you can request a 6-month extension by filing federal Form 7004 and any corresponding state(s) extensions, however these too must be electronically filed or mailed before the March 16th Deadline.

If you require immediate assistance regarding filing your corporate return(s), contact an R&G Brenner professional before the deadline.